Matt Cain told reporters Thursday that he will cut off long-term contract talks on Opening Day. Cain previously refused to set a deadline, but one can understand how in-season negotiations might be a distraction. The 27-year-old right-hander registered a sparkling 2.88 ERA, 1.08 WHIP and 179/63 K/BB ratio in 221 2/3 innings last year and would easily top $100 million on the open market if everything goes smoothly in 2012.

ESPN.com's Jerry Crasnick confirms no deal is imminent between the Giants and Matt Cain. Giants GM Brian Sabean declined to characterize the state of negotiations, say only that it's a "fluid situation" and that talks are "ongoing." A source familiar with negotiations told ESPN.com that ''if this were a nine-inning game, the two sides would be in the 'fifth inning.'" If nothing is finalized by Opening Day, discussions are expected to be put off until after the season.

Matt Cain told Andrew Baggarly of CSNBayArea.com that he's "really torn" about whether to sign a contract extension with the Giants or test the free agent market following the season. Amid reports this week that the two sides are not making progress in negotiations, Cain refused to speculate whether a deal is possible before Opening Day. "I'm hesitant to answer that question because I'm thinking about the times I've had playing with these guys, growing up in this organization," said Cain. "I'm definitely going to enjoy this season to the fullest with whatever happens. But you also think about going to free agency, and you might not have that chance again. So you really are torn between the two sides. It'd be hard to say it's one way or the other." Industry sources told Baggarly that Cain could fetch north of $100 million on the open market, perhaps exceeding a six-year deal in the range of $120 million.

FOX Sports' Ken Rosenthal reports that the Giants are not making progress in extension talks with Matt Cain. The two sides have not planned further discussions either, increasing the likelihood that Cain will hit the open market after the 2012 World Series. A 27-year-old right-hander, Cain registered a sparkling 2.88 ERA, 1.08 WHIP and 179/63 K/BB ratio in 221 2/3 innings last year. With another fine statistical season, his asking price in free agency could be in the $100 million range.

Matt Cain struck out four Indians in 3 2/3 innings Wednesday but also permitted two runs on five hits and a walk. Cain served up a pair of doubles to Asdrubal Cabrera and another one to Matt LaPorta. The right-hander had been unscored upon in his first two spring outings and sports a 9/2 K/BB ratio over 8 2/3 frames. Cain is currently slated for free agency after the 2012 season, but there's momentum for his reps and the Giants to get something done before spring training is over.

A person familiar with extension talks between the Giants and Matt Cain told CBSSports.com that Cain's next contract will be in excess of $100 million. Cliff Lee's five-year, $120-million contract is being used as a comparison. Cain, 26, is scheduled to make $15 million this year, but is eligible for free agency after the 2012 World Series. According to CSN Bay Area's Andrew Baggarly, ''it would be a surprise'' if Cain's deal doesn't get done before the season starts.

Matt Cain scattered three hits across three scoreless innings in Friday's win over the Reds, striking out four while walking none. San Francisco's No. 2 starter has now tossed five scoreless innings to begin his spring, fanning five in the process. According to CSN Bay Area's Andrew Baggarly, the Giants could announce a long-term extension for Cain as early as this weekend.

Andrew Baggarly of CSNBayArea.com reports that the Giants have "reached greater common ground in recent weeks" toward a long-term extension with Matt Cain. "Cain wants to stay and the Giants have the wherewithal to keep him," writes Baggarly, adding that "it'll be a surprise to many, both in the organization and out, if Cain's deal doesn't get done before the season starts." The 27-year-old right-hander posted a 2.88 ERA, 1.08 WHIP and 179/63 K/BB ratio in 221 2/3 innings last season and is likely seeking more than $100 million.

Matt Cain threw two scoreless innings against the Brewers on Monday night in his first start of the spring. Cain allowed a pair of hits while fanning one and walking one. The 27-year-old right-hander has a 2.97 ERA over the past three seasons and has logged at least 200 innings in each of the last five seasons. The impending free agent could score a $100 million deal a strong 2012 campaign.

Matt Cain is unlikely to give the Giants a hometown discount, according to CBS Sports' Jon Heyman. Once considered a near certainty to sign an extension, possibly for below-market value, Cain now may shop around when he's eligible to become a free agent next winter. According to Heyman, San Francisco was hoping to sign Cain to a deal worth less than $100 million, but that doesn't appear feasible anymore. It's worth noting that Heyman still thinks Cain will return to the Giants next season.